Anwar, Asif and Aslam are partners in a firm. Asif retires from the firm. On his date of retirement, OMR 50,000 becomes due to him. Anwar and Aslam promise to pay him in instalments every year at the end of the year. Prepare Asif s loan account in the following cases.

1. When payment is made four yearly instalments plus interest at 10% per annum on the balance due. (5 marks)
2. When they agree to pay three yearly instalments of OMR 10,000 each including interest at 10% on the outstanding balance during the first three years and the balance including interest in the fourth year. (5 marks)